Bildkälla: Stockfoto

Footway Q2: Turning to EBITA positive, plans for a SEK 100m rights issue - SEB

Clearly, Footway Group (a leading specialist online retailer of mainy foot- and sportswear) remains committed to WC management and profitability. In Q2 the group recorded EBITA of SEK 2m (SEBe: LBITA of SEK 11m), implying a y/y delta of SEK 28m. Gross margin is the driver behind these results, up 11.9pp y/y from 39% to 50.9%. Stock-in-trade at SEK 437m came in 4% below our estimates. Footway is "preparing for a SEK 100m rights issue". Our current mid-point value is SEK 6.50.

Clearly, Footway Group (a leading specialist online retailer of mainy foot- and sportswear) remains committed to WC management and profitability. In Q2 the group recorded EBITA of SEK 2m (SEBe: LBITA of SEK 11m), implying a y/y delta of SEK 28m. Gross margin is the driver behind these results, up 11.9pp y/y from 39% to 50.9%. Stock-in-trade at SEK 437m came in 4% below our estimates. Footway is "preparing for a SEK 100m rights issue". Our current mid-point value is SEK 6.50.
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